california first time home buyers: CalHFA announces major program expansion to help California homebuyers
- 06/20/14 03:23 AM
June 16, 2014 - SACRAMENTO, CA – The California Housing Finance Agency announced today a major program expansion to help more low to moderate income California families purchase homes.
CalHFA will remove the first-time homebuyer requirement on its first mortgage programs to allow more California homebuyers to take advantage of the benefits of CalHFA's affordable financing.
For nearly 40 years, CalHFA, a self-supported State agency that doesn't rely on taxpayer dollars, has supported the needs of renters and homeowners by creating and financing progressive housing solutions so more Californians have a place to call home. CalHFA has helped more than 152,000 … (0 comments)
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california first time home buyers: 7 Steps to Owning a Home after Foreclosure
- 06/18/14 02:40 AM
Foreclosure is tough, really tough — but it’s not the end of the world. With careful planning, discipline and a little help you can get a mortgage and own a home again.
Here are seven manageable steps you should follow:
1. Stick with your job – If you fell into foreclosure because of unemployment or a lack of steady work, your first task is to find another job and stick with it, even if it’s lower-paying. All mortgage lenders require stable employment before considering you for a post-foreclosure loan.
2. Rebuild your nest egg – You should build a … (2 comments)
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california first time home buyers: Buying a home in 2014 - A new weapon for bidding wars
- 03/24/14 07:37 AM
If you’re buying a home in 2014, your experience will be unlike any home buyers before you have gone through. In January QM (Qualified Mortgage) guidelines became the law of the land and lenders are scrambling to interpret when they apply.
In response to the fierce competition for homes in healthy metropolitan markets like most of Southern California, some mortgage lenders are taking steps to put buyers who must borrow on par with those offering to pay in cash.
Did Ya’ Know? Lenders had more than 400 guideline changes in 2013? Read the complete post
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california first time home buyers: What are home buyers looking for in a neighborhood?
- 03/13/14 08:23 AM
When home buyers begin their home search on the internet it often begins with perusing neighborhoods.
What do home buyers want in a neighborhood? This infographic from CAR (California Association of Realtors) illustrates what they want.
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california first time home buyers: First Time Home Buyers will rock the house in 2014!
- 11/21/13 01:14 AM
If you’re a first time home buyer frustrated with the craziness that was the California real estate market in 2013, then take heart. According to Freddie Mac you will be leading the California housing market in 2014 as it continues on the road to recovery.
The housing market is expected to shift from predominantly refinance activity to one dominated by first time home buyers. The market shift would mark the first time home buyers looking to make a new home purchase account for the majority of mortgage activity since 2000.
Related: Will it be cheaper to own a home than rent … (0 comments)
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california first time home buyers: Will the mortgage interest deduction survive budget cuts?
- 10/30/13 07:25 AM
Will the mortgage interest deduction still be there for today’s home buyers?
The Sixteenth Amendment (ratified in 1913), empowered Congress “to lay and collect taxes on incomes, from whatever source derived.”. As an offset for the taxes, interest paid (for any reason) was deducted.
Keep in mind that during the pre-WWI period, there was very little interest expenses paid by individuals. Homeowners typically owned their houses outright. It was not designed to encourage home ownership. Indeed, when the interest rate deduction was first considered, home financing was non-existent, and home ownership was not thought of as a public policy. It is … (2 comments)
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california first time home buyers: Your home loan - How to Avoid a Disaster at Closing
- 10/17/13 04:30 AM
You’ve applied, and have been approved for, a home loan. You spend several weeks or months searching for the perfect property with your real estate agent. After your offer is accepted, you anxiously anticipate closing day. Your belongings are packed and you’re ready to move into your new home.
Then, right before closing, your loan officer informs you there’s a problem. The lender pulled another credit report, and it doesn’t look good. You might not be buying that house after all.
Related: 10 Things not to do while you home loan is in process This type of devastating situation does indeed … (0 comments)
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california first time home buyers: More changes on the way for FHA loans
- 10/10/13 05:42 AM
While we were sleeping or wondering about the government shutdown, FHA announced changes to their credit analysis policies that will impact many home buyer’s ability to qualify for FHA loans.
FHA guidelines state “FHA does not require collection accounts to be paid-off as a condition of mortgage approval”. HOWEVER, FHA does recognize that collection efforts by the creditor for unpaid collections could “affect the borrower’s ability to repay the mortgage”.
Over the next few months you’re going to hear the phrase, “ability to repay” over and over again as lenders adjust to the the QM and QRM guidelines that take effect on January 10, 2014.
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california first time home buyers: Will it be cheaper to buy than rent in 2014?
- 10/08/13 06:42 AM
The number one topic for first time home buyers in 2013 was: Will it be cheaper to own than rent?. For most of the year the answer was definitely YES!
When home prices began to rise at a record pace and interest rates spiked, most first time home buyers (and industry professionals) assumed we had reached the tipping point. BUT,
According to Trulia.com we were all wrong. Trulia released the most sophisticated online Rent vs. Buy calculator ever, to help smart would-be first time home buyers understand the many economic factors that influence whether it is cheaper to rent or to buy in their area, … (2 comments)
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california first time home buyers: Are free credit reports really free?
- 09/04/13 03:19 AM
“When you’re offered something free, you usually get what you pay for” and Free Credit Reports are no exception. Most consumers think if they want to pull their credit scores, they should go directly to the three major reporting agencies; TransUnion, Experian, and Equifax or one of the many “free credit report” sites.
Related: Your 49 different credit scores
Unfortunately, these sites DO NOT give you a “true FICO report”. The FICO score was created by Fair Isaac Corporation and is copywritten. So they’ve created “copycat” versions that use different mathematical equations. The result? You will be seeing a score very different … (3 comments)
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california first time home buyers: FHA Back to Work Program - 10 most frequently asked questions
- 08/29/13 07:55 AM
On August 15, 2013 FHA, in an effort help consumers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments and ultimately lost their homes to a pre-foreclosure sale, deed-in-lieu or foreclosure”, announced the FHA Back to Work - With Extenuating Circumstances Program”. Related: FHA waives three year waiting period after foreclosure or short sale Like all new loan programs there are always more questions than answers. Here are a few of the most frequently asked questions about the “FHA Back to Work” program.
1. How is the FHA Back to Work program different?- Until the … (4 comments)
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california first time home buyers: FHA Back to Work Program waives 3 year waiting period
- 08/18/13 03:47 AM
Effective Immediately, FHA Waives Foreclosure Waiting Periods Via Its “Back To Work – Extenuating Circumstances” Mortgage Program If you’re a home buyer, whether it’s your first home or fifth, and a significant derogatory credit event has kept you out of the housing market. Then you got some good news from FHA.
Related: FHA Waiting Period after a Foreclosure Effective immediately (August 15, 2013) FHA has waived it’s 3 year waiting period after a foreclosure, short sale or bankruptcy.
Effective for FHA Case Numbers assigned on, or after, August 15, 2013, borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan … (12 comments)
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california first time home buyers: Buy a home for $100 down?
- 08/16/13 07:41 AM
Did You Know: You Can Buy HUD Homes for As Little As $100 Down? Although owning a first home is a dream for many people, it can be a challenge to save the standard 3.5 to 20 percent of a home’s value needed for many mortgage programs.
If you can’t afford that, you’re not out of options. The Federal Housing Administration (FHA) has a program that could make you a homeowner for a $100 down payment. HUD REO single family properties that offer this sales incentive are found on www.hudhomestore.com.
Related: HUD’s Good Neighbor Next Door Program Financing for Repairs
Once you … (2 comments)
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california first time home buyers: What are the social benefits of owning your first home?
- 08/15/13 03:56 AM
The Social Benefits of owning your first home have never been more important, not only for you and your family, but for our neighborhoods, schools and society as a whole. The recent housing disaster changed many American's view of owning their first home. It isn't called the American Dream because of the investment value, but rather how it affects the lives of not only the occupants but also the families around them.
Related: What is worrying first time home buyers? This infographic from the California Association of Realtors (C.A.R) explains that the value in homeownership lies in what it does for society … (0 comments)
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california first time home buyers: California home buyers feeling the squeeze?
- 08/13/13 06:54 AM
There’s good news and bad news for California first time home buyers. Good news? There are more houses from which to choose and prices are stabilizing. But like everything else in life right now it’s hard to tell if the light at the end of the tunnel is just a light or if it’s a freight train.
There’s been a lot of talk about us potentially being in another housing bubble that’s ready to burst.
Related: Why are interest rates going up? If the latest report from Trulia.com is correct, the bubble’s not bursting it’s developing a slow leak. Home asking prices dipped … (2 comments)
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california first time home buyers: How to score the home loan you want
- 08/09/13 04:10 AM
Applying for a first time home buyer loan isn’t just about appraisals and choosing the right financing program It’s also about your lender looking at and verifying your credit profile. Did you know that any changes to your credit profile during the loan process can have negative ramifications?
A Quick Guide to Maintaining Your Credit Profile and Scoring the Loan You Want
Here are a few tips and tricks I’ve put together that can help you save yourself a headache or two during the loan process.
Related: 5 Secret Stats to make you a smarter first time home buyer Stay on … (2 comments)
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california first time home buyers: Closing Costs on the way up?
- 08/08/13 07:20 AM
Seems like the cost of everything is increasing and first time home buyer loans are no exception. According to a report from Bankrate.com, the average closing cost across the United States rose 6 percent over the year to $2,402. Origination fees increased 8 percent to $1,730--accounting for the bulk of the increase in closing costs--while third-party fees rose 1 percent to $672.
What are Closing Costs? Closing costs are the fees you will pay to buy a home and close the loan. Those fees are grouped into two categories: Lender/Origination Fees and Third Party Fees.
What are Lender/Origination Fees? These are the fees … (2 comments)
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california first time home buyers: Home loans are not one size fits all!
- 08/06/13 04:37 AM
Unfortunately most first time home buyers have been left with the impression that first time home buyer loans are “one size fits all”. Somehow the perception became that all a home buyer has to do is make a call, find the lowest rate and it's game over.
You can’t get a first time home buyer loan “off the rack”, nor would you want to. If a friend or family member got an FHA loan when they bought their first home, it’s not necessarily the right loan for you.
Related: Finding the right home loan - mortgage insurance can make a difference No two … (2 comments)
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california first time home buyers: Yes Viriginia there still is down payment assistance for California First Time Home Buyers
- 07/30/13 04:36 AM
If you’re a first time home buyer in California you might be wondering if there are still down payment assistance programs available to help you buy your first home. While most of the down payment assistance programs in California have gone the way of the dodo bird, all the dinosaurs and the quagga. The down payment assistance program offered by the State of California is still available to California First Time Home Buyers. The California Homebuyer’s Down Payment Assistance Program (CHDAP) recently announced some revisions to their guidelines.
Related: A down payment assistance program that’s working Highlights of the CHDAP down payment … (22 comments)
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california first time home buyers: I want to buy my first home, now what?
- 07/18/13 07:09 AM
First time home buyers who have decided now is the time to buy their first home, getting your finances in order is an important first step. Not only will the process go more smoothly, you’ll be moving in a lot quicker too. According to TD Bank’s Mortgage Service Index, released in April, 69 percent of homebuyers find buying a home to be stressful, with about one-quarter of those surveyed describing home buying as “extremely” or “very stressful” and 45 percent classifying the process as “somewhat stressful.”
Related: 4 Steps to get you moved in quickly Equifax one of the three major credit reporting … (2 comments)
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June 16, 2014 - SACRAMENTO, CA – The California Housing Finance Agency announced today a major program expansion to help more low to moderate income California families purchase homes.
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